Remember the days when buyers could qualify for a mortgage loan by putting down 3 percent? How about the days when mortgage lenders passed out no-downpayment loans? Mortgage loan financing has changed dramatically since then. Today, the majority of traditional mortgage lenders are requiring that future homeowners come up with a down payment of 20 […]
Locking In Interest Rates
Consider the following four things when deciding whether or not to lock in your mortgage interest rate: Lock in your rate as soon as you know you have a good deal in front of you, and you know roughly when you can close (30 to 60 days should be the longest lock period). . Lock […]
Have Interest Rates on Mortgages Hit Rock Bottom?
The interest rates on mortgage loans have been moving in a downward direction for the past few years. Recently, the rates even fell below the five percent mark, coming in at about 4.92 percent on average for a 30-year fixed rate loan. This leaves many financial experts and consumers alike wondering if the interest rates […]
Are 30% Down Mortgages In Our Future?
The top mortgage lender in the country, Wells Fargo, has called for borrowers to come up with 30% down if they want to avoid higher mortgage rates and more restrictive lending tied to the “risk retention” requirements related to the Dodd‐Frank Wall Street Reform and Consumer Protection Act of 2010. Essentially, the government wants to […]
Mortgage Refinances May Drop 77% by 2012
Residential mortgage refinances are expected to deteriorate over the next two years due to factors not limited to rising interest rates. Some are predicting that mortgage refinancings, in fact, will fall by 77% by 2012 and drag down the overall market for originations. Total refinances hit about $1 trillion in 2010 and accounted for 69% […]
How to Get a Mortgage Now
What do mortgage lenders look for when they scrutinize your finances? It all boils down to financial stability and making sure you’re a good credit risk. On your application, you’ll be asked to disclose personal finance information that will help the lender decide whether your finances are stable or precarious at that moment in time. […]
A Little-Known Strategy for Cutting Mortgage Payments
Homeowners looking to lower their monthly mortgage payments and also save some on interest may be able to do so without all the hefty fees and daunting credit requirements of refinancing. A little-known strategy, called “recasting,” or “re-amortization,” is available through some mortgage lenders and servicers. It involves paying off a lump sum of the […]
Strategic Defaulters Opt to Continue Paying on 2nd Liens
Borrowers who strategically default on their first mortgage often continue to pay on home equity lines of credit, according to a new white paper from two authors with the Philadelphia Federal Reserve. Data for the study came from a large random sample of individual credit records drawn at the end of each quarter from Equifax, […]
Your Mortgage and the Down Payment You Need
There are a lot of steps in buying a home. Among the things you need to prepare for is the amount needed to make the down payment required by the lender. This is a form of financial protection for the lenders, and since they require this, borrowers have no choice but to comply. In the […]
A Good Credit Score Can Get You an Affordable Home
You probably already know how important it is to have a good credit score. A high score can help you qualify for loans with the lowest interest rates, auto insurance at the lowest premiums, and even beat out your competitors for that dream job. However, having a good credit score is even more important today. […]
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